Former RBS bank executive jailed for $3.72m fraud

Pile Of Coins

A former bank executive has been jailed for four years for transferring almost US$3.72m from the Royal Bank of Scotland accounts of four clients in 2009 to compensate 10 others who suffered investment losses.

South China Morning News reports that Helen Chow Hoi-ching, 39, daughter of Yau Tsim Mong district councillor Chow Chun-fai, earlier pleaded guilty to one count of fraud.

Defence lawyers said at the time that she was so sorry for causing some of her clients to lose money during the 2008 financial crisis that she first used her own money to cover up the shortfall before moving funds from the other accounts - without pocketing a single dollar in the process.

Tallentire accepted that Chow was a woman of great ability, but had fallen from grace. With the criminal conviction, she could no longer return to a banking job, he noted.

The bank conducted an inquiry and found the documents involved in the eight transactions were not signed by the account holders and all the transactions were handled by Chow.

Hit the link below to access the complete South China Morning Post article:

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